Perhaps the best piece of tax advice I can give anyone is DON’T ACCEPT TAX ADVICE FROM ANYONE OTHER THAN A PROFESSIONAL TAX PREPARER.
Don’t listen to a broker, a banker, an insurance salesman, or your Uncle Charlie!
You wouldn’t ask your butcher for a medical opinion, so why would you listen to tax advice from your MD?
Many people in the “financial industry” may be experts in their particular field, but know absolutely nothing at all about federal or state income taxes. Well maybe not nothing. They may have a little knowledge about taxes – but in this case a little knowledge can truly be dangerous.
I am sure for the most part those who give you free tax advice are doing so out of a genuine desire to help you, and sincerely think they know what they are talking about. But there are also those out there who are only interested in making a commission by selling you an annuity or other investment and give you false tax advice to try to convince you to give them your money.
For a case in point I refer you to TAX GURU Kerry Kerstetter’s post “Beware Taking Advice From An Insurance Salesman”.
Remember, an insurance broker is a salesman, as is a stock broker. They make their money by selling you something. So take anything they tell you regarding taxes with several grains of salt.
If you are given any tax information by any non-tax person be sure to check it out with your own tax professional before taking any action. You may have to pay your tax pro a few bucks for the consultation – but it is money well spent, and far more preferable to losing thousands of dollars by following bad advice.
If you don’t have a tax professional you can turn to you can find one in your area at www.taxprofessionals.com. Or you can always ASK THE TAX PRO!
BTW, today’s post at ANYTHING BUT TAXES discusses movie sequels.
TTFN
Don’t listen to a broker, a banker, an insurance salesman, or your Uncle Charlie!
You wouldn’t ask your butcher for a medical opinion, so why would you listen to tax advice from your MD?
Many people in the “financial industry” may be experts in their particular field, but know absolutely nothing at all about federal or state income taxes. Well maybe not nothing. They may have a little knowledge about taxes – but in this case a little knowledge can truly be dangerous.
I am sure for the most part those who give you free tax advice are doing so out of a genuine desire to help you, and sincerely think they know what they are talking about. But there are also those out there who are only interested in making a commission by selling you an annuity or other investment and give you false tax advice to try to convince you to give them your money.
For a case in point I refer you to TAX GURU Kerry Kerstetter’s post “Beware Taking Advice From An Insurance Salesman”.
Remember, an insurance broker is a salesman, as is a stock broker. They make their money by selling you something. So take anything they tell you regarding taxes with several grains of salt.
If you are given any tax information by any non-tax person be sure to check it out with your own tax professional before taking any action. You may have to pay your tax pro a few bucks for the consultation – but it is money well spent, and far more preferable to losing thousands of dollars by following bad advice.
If you don’t have a tax professional you can turn to you can find one in your area at www.taxprofessionals.com. Or you can always ASK THE TAX PRO!
BTW, today’s post at ANYTHING BUT TAXES discusses movie sequels.
TTFN
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